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Square has announced the launch of prepaid Visa prepaid card that will enable card holders to make transactions within the Square Cash app. Square has notified its Square Cash customers about the new offering and invited them to sign up for physical cards. As the card is linked to Square Cash, users can make payments at merchant locations; make instant P2P fund transfers by paying 1% fee; make free P2P fund transfers within one day of initiation. While Square Cash app requires merchants to integrate Apple Pay in their POS terminals, the prepaid cards do not require such integration.
Through the launch of the physical cards, Square aims to compete with rivals Apple Pay and Venmo. In September 2016, Square announced that its users can make payments at merchant locations accepting Apple Pay via Square virtual debit cards. By integrating with Apple Pay, Square expanded its offerings to retail payments, from just P2P payments. Furthermore, small businesses can monitor sales and manage expenses by integrating expense tracking function to their Square reader.
The USA prepaid card market, in terms of transaction volume, posted a CAGR of 14.8% during 2012-2016 to reach 23,141.0 million in 2016. Over the forecast period, the transaction volume is expected record a CAGR of 11.0%.
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